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Executive Summary

GENZYME PRODUCT SALES CONTRIBUTED (SECTION) 12.5 MIL. to the company's total revenues of $18.5 mil. in calendar 1987. The Boston firm is helping to fund the development of an orphan drug, placental extract GCase for Gaucher's Disease, through the sales of fine chemicals, bulk pharmaceuticals, and diagnostic enzymes and substrates. Genzyme product sales increased 28% in 1987 to the $12.5 mil. level from just under $10 mil. in 1986. Among its product offerings, Genzyme produces bulk nicofuranose and hyaluronic acid. Genzyme sells a medical grade hyaluronic acid to ophthalmic, dermatological and orthopedic companies. Nonmedical grade HA is sold to cosmetic firms. The company listed the "construction of one of the world's largest manufacturing facilities dedicated to the production of medical grade hyaluronic acid" as one of its major accomplishments during 1987. The oncoing business in chemicals puts Genzyme in the unusual position for a medical development company of showing product sales and earnings. In 1987, the company had net income of $409,000. "The strong performance," Genzyme said, "allows us to continue to fund current operations through cash flow, while preserving equity to fund capital expenditures and working capital." Genzyme reported cash and short-term investments of approximately $22 mil. at the end of 1987, almost exactly the same level as at the end of 1986. The GCase product (Ceredase) is in clinical trials at NIH. Genzyme has predicted that the NDA filing for the product could come as soon as the end of 1988. The company may be able to use historical information from previous NIH trials to support its NDA. Genzyme raised $10 mil. for the support of clinical development projects through a limited partnership which closed in late September last year. The size of the Gaucher's Disease patient population is estimated between 20,000-40,000 worldwide.

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